The Ministry of Natural Resources and Ecology of the Russian Federation will finish elaboration of a new classification of reserves of solid minerals

The classification will regulate the matters pertaining to approval of minerals by more than 200 types of mineral resources accounted for by the state balance, informs the press service of the Ministry of Natural Resources and Ecology of Russia. Conceptual differences of the new Classification lie in allocation of the category of extractable reserves and a possibility to prepare technical projects for development of the deposit before the reasonably assured resources are approved of. The use of the new Classification will allow to enhance reliability of the information in the State balance of reserves of the Russian Federation and ensure the quality of the state planning for the development of the mineral resources base, in particular, the extent of extraction and reclamation of all the types of solid minerals, as well as exploration of new mining areas.

Implementation of the Classification seems possible starting 2018. The current classification adopted in Russia in 2006 accounts mostly for the geological reserves without notice of mining losses. Meanwhile, such losses might be colossal when it comes to certain types of mineral resources. In particular, up to 70% for salts, and up to 30% for the mineral resources extracted by underground mining. The current classification is only in line with the JORC (Australian Code for Reporting on Mineral Resources and Ore Reserves). A new Classification recognizes the interests of the state and businesses. It resembles the JORC to the fullest extent possible, and it is this system that is used now by the majority of companies to perform an audit on reserves. A new system of assessment will allow to account for those reserves in the state balance that can actually be extracted.

Press Service of the Ministry